Eldridge Industries

From Wikipedia the free encyclopedia

Eldridge Industries, LLC
TypePrivate investment
Founded2015; 6 years ago (2015)
FounderTodd Boehly
HeadquartersGreenwich, Connecticut, U.S.[1]
Websiteeldridge.com

Eldridge Industries LLC is a holding company headquartered in Greenwich, Connecticut, with offices in New York, London, and Beverly Hills.[1][2][3][4] Eldridge makes investments across the insurance, asset management, technology, mobility, sports & gaming, media, real estate, and consumer landscapes.[1][5][6][7][8]

History[edit]

Eldridge was formed in 2015 by CEO and Chairman Todd Boehly, President Anthony D. Minella, and General counsel Duncan Bagshaw,[9][10] after Boehly purchased Dick Clark Productions, Billboard and The Hollywood Reporter, and Mediabistro from Guggenheim Partners.[7]

Eldridge owns CBAM Partners, an SEC-registered investment advisor.[11] In 2019, Eldridge increased its investment in Maranon Capital, an investment manager, resulting in Eldridge holding a majority ownership stake in the company.[12]

In December 2020, Eldridge provided financing to Ark Invest, allowing ARK founder Cathie Wood to remain majority shareholder of the company.[13]

In January 2021, the College of William & Mary announced that it had partnered with Eldridge to develop a series of courses related to fiscal policy at the Mason School of Business.[14]

In 2021, some of Eldridge's credit management operations spun out to create Panagram Structured Asset Management, an asset management firm.[15]

Horizon Acquisition Corporation[edit]

Eldridge's special-purpose acquisition company Horizon Acquisition Corporation was founded in June 2020.[16] The company filed for a blank check IPO of $575 million in August 2020.[17] Horizon Acquisition Corporation II, an SPAC focused on media and entertainment, in August 2020.[18]

In March 2021, Eldridge's Horizon Acquisition Corporation III filed for a $500 million IPO.[19]

Sports[edit]

In March 2017, Eldridge led a round of funding estimated at over $100 million for DraftKings, a daily fantasy sports contest provider.[2][20] Eldridge also has a stake in the Los Angeles Dodgers;[21] Chavez Ravine, the acreage around Dodger Stadium;[22][23] Cloud9;[24] and Atrium Sports;[25]

Technology[edit]

Eldridge has invested in fintech companies PayActiv, Stash and Truebill.[26] In February 2021, Stash reached a value of over $1.4 billion.[27]

Eldridge has invested in technology companies Capital Integration Systems (CAIS),[28] Digital Asset,[29] and Cutover.[30] In 2021, Eldridge participated in multiple funding rounds for digital delivery service Gopuff, including the company's $1.1 billion financing round.[31]

In July 2020, Eldridge invested in a $53 million fundraising round for Kernel, a Los Angeles-based neurotechnology company.[32]

Eldridge took part in a $475 million financing round for artificial intelligence company Dataminr.[33] The firm also invested in mobile game developer Tripledot Studios.[34]

The firm provided financing to Prescient, a building technology platform, for $50 million in July 2018.[35] Eldridge committed an additional $40 million in funding for the company in June 2020 for a total of $90 million.[36][37] Eldridge led a $190 million strategic investment into Prescient in 2021.[38]

Eldridge acquired data technology company Knoema in 2020.[39] Eldridge also has a stake in The Ready Games[40] and held a stake in Epic Games which was sold back to Epic in 2021.[9]

Eldridge has made multiple investments into Truebill, including participating in a $45 million funding round in 2021,[41] after leading a Series B round in 2019.[42]

Eldridge participated in a $235 million in AI security company AnyVision in July 2021, after previously investing in the company in 2018.[43]

Eldridge invested in digital health platform Wellthy in May 2020, and participated in a $35 million Series B funding round for the company in June 2021.[44] Eldridge also participated in a $62 million investment round for fertility services company Kindbody.[45]

Eldridge also acquired sporting goods producer G-Form, which produces Smart-Flex athletic gear.[46]

Consumer industry[edit]

In 2017 Eldridge acquired, with a co-investor, Pittsburg-based NPC International, LLC, the largest franchisee of Pizza Hut (part of Yum Brands), and Wendy's.[47] On July 1, 2020 NPC filed for Chapter 11 bankruptcy.[48]

Eldridge has backed hospitality group Aurify Brands since it was founded in 2011.[49] Eldridge invested in international bakery-restaurant chain Le Pain Quotidien through Aurify in March 2021.[50] Eldridge also invested in pizza restaurant chain Chuck E. Cheese.[51]

Thirteenth Floor Entertainment Group, an operator of horror-themed entertainment venues and escape rooms, is partially owned by Eldridge.[52][53] Eldridge was part of a group of creditors who invested $1.2 billion in Canadian company Cirque du Soleil in 2020.[54]

Eldridge invested in virtual reality entertainment company Illuminarium Experiences, as part of a $100 million investment.[55]

Real estate[edit]

Eldridge owns Stonebriar Commercial Finance, a large ticket commercial finance and leasing company,[56] and co-owns Cain International, a London-headquartered real estate firm which owns The Beverly Hilton and Waldorf Astoria Beverly Hills.[57][58][59]

Eldridge seeded Essential Properties Realty Trust, a REIT that went public in June 2018 under the symbol NYSEEPRT.[60] In October 2019, Eldridge invested $300 million in real estate investment company Kennedy Wilson.[61] Eldridge committed €1 billion to Blackbrook Capital, an independent European real estate investment firm, in March 2020.[62][63]

Insurance[edit]

Eldridge owns Security Benefit Life Insurance, an insurer with $40 billion in assets.[21] The firm also owns SE2, a technology platform for insurance companies.[64][65] In 2019 SE2 and Life.io launched an integrated life insurance and annuity platform, SE2 Digital Engage.[66]

Eldridge invested in DPL Financial Partners in January 2021.[67] That year, Eldridge invested in PPRO Financial and Clearcover Insurance.[68][69] Hudson Structured Capital Management refinanced in 2021, with Eldridge as its principal backer.[70]

Media holdings[edit]

In 2015, Eldridge put some of its media properties up for sale, including Adweek and the Clio Awards.[71] Adweek was sold a year later to Beringer Capital, a private equity firm that invests in digital media and marketing services.[72] The Clio Awards, a 58-year-old ad industry event, was sold to investment company Evolution Media in 2017.[73]

In December 2016, Billboard-Hollywood Reporter Media Group purchased the music publications Spin, Stereogum and Vibe from SpinMedia for an undisclosed amount.[74]

In February 2018, Eldridge announced it would be consolidating three of its entertainment properties into a new company, Valence Media,[75] which rebranded as MRC on July 20, 2020.[76] The properties included Media Rights Capital, a film and television studio which created Netflix shows Ozark and House of Cards;[77][78] Dick Clark Productions, a producer of award shows and other live event programs; and the Billboard-The Hollywood Reporter Media Group.[79][80][81]

MRC's co-founders Asif Satchu and Modi Wiczyk serve as co-CEOs and Boehly serves as Chairman.[80][82] MRC also owns a minority stake in film distributor A24;[81] and London-based production company Fulwell 73.[83][21]

In 2018, Eldridge also became a partner for the Global Citizen Festival, which was held in South Africa to honor the life and legacy of Nelson Mandela in his centenary year.[84]

In December 2019, Valence acquired Nielsen Holdings' music data business.[85]

In January 2020, MRC sold music publications Spin and Stereogum to Next Management Partners.[86]

In November 2020, Eldridge acquired the music publishing rights to American rock band The Killers, covering the band's first five albums. Universal Music Publishing Group will continue to administer the catalogue.[87]

In September 2020, it was announced that Penske Media Corporation and MRC would form a joint venture named PMRC. The new venture would manage the daily operations of publications such as Billboard, the Hollywood Reporter, Vibe, Variety, Rolling Stone and Music Business Worldwide.[88] A second joint venture between MRC and Penske was also announced, to manage content and intellectual property such as television series, films, and live events including South by Southwest.[89]

Eldridge led a $3 million funding round for Laylo, a startup fan engagement platform, in 2021.[90]

References[edit]

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External links[edit]